This question asked candidates to discuss the differences between different kinds of capital market efficiency and the significance of the efficient market hypothesis (EMH) for the financial manager. 
Many answers did not display a good understanding of the EMH.

A capital market is efficient from a pricing point of view if security prices (e.g. share prices) fully and fairly reflect all relevant and available information.

A market is said to be weak form efficient if share prices fully and fairly reflect all past information. This is not saying that only past information is available to investors, as some answers discussed. It is saying that because the capital market is weak form efficient, abnormal gains cannot be made from studying past information.

A market is said to be semi-strong form efficient if share prices fully and fairly reflect all public information, which includes all past information. This is not saying that only past and public information is available to investors, so that no investor has access to insider information.

It is saying that because the capital market is semi-strong form efficient, abnormal gains cannot be made from studying past and public information. Note that a capital market can be both weak form and semi-strong form efficient.

Some answers took the view that the EMH was referring to operational efficiency and discussed how rapidly share prices responded to new information, saying for example that weak form efficient capital markets were slow or sluggish. This view is incorrect.